Spiders - September S&P E-mini Futures: It still looks like the market can extend its rally from the 1112 low during the next few days. Support today is in the 1140-50 zone and resistance above the market stands at 1200. Judging from Tuesday’s headlines and the bullish divergences evident in the advancing issues numbers I think that the 1112 low either ended this drop or is very near the final low point.
QQQ: The Q’s will probably act worse than the S&P for a while and eventually drop into the 34-35 zone before a solid low is in place.
TLT - December Bonds: I think a big drop is underway in the bonds. It should carry the market back to 111 or lower.
December 10 Year Notes: The notes are now headed for the 110-111 zone.
Euro-US Dollar: The trend in the euro is downward and I think the market is headed for 135. Resistance above the market is now at 149.40.
Dollar-Yen: Resistance is at 108.50 and I think the market is headed for 98.00.
XLE - OIH - USO – November Crude: Next downside target is 75.
GLD - December Gold: Gold still has resistance at 935. I think gold will soon drop to 600.
SLV - December Silver: Resistance is at 1390. Next downside target is 900.
Google: I think Google will make a low near 375 and then begin another multi-year bullish trend.
2 comments:
Carl, and you call P&B heros??!!
http://market-ticker.denninger.net/archives/596-The-TRUTH-About-The-Bailout.html
Good morning Mr. Futia. First of all, let me say that I personally enjoy your work and do not consider you an idiot. Regarding the Q's, what do you mean when you say, "a while"?. Would you be so kind as to guesstimate a timeframe?
Thanks again for your work and effort.
Larry
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